Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 11, 2024

Suppose that on January 1 you have a balance of $3500 on a credit card whose APR is 12%, which you want to pay off

Suppose that on January 1 you have a balance of

$3500

on a credit card whose APR is

12%,

which you want to pay off in

4

years. Assume that you make no additional charges to the card after January 1.

a. Calculate your monthly payments.

b. When the card is paid off, how much will you have paid since January 1?

c. What percentage of your total payment (part b) is interest?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Encyclopedia Of Distances

Authors: Michel Marie Deza, Elena Deza

3rd Edition

3662443422, 9783662443422

More Books

Students also viewed these Mathematics questions

Question

★★★★★

For each of the following scenarios, indicate which of the four basic tax planning variables (entity, character, time period, jurisdiction) impacts after-tax value. Note that more than one variable...

Answered: 1 week ago

Question

★★★★★

A 2.0 kg block slides along a frictionless surface at 1.0 m/s. A second block, sliding at a faster 4.0 m/s, collides with the first from behind and sticks to it. The final velocity of the combined...

Answered: 1 week ago

Question

★★★★★

=+35. Seasonal model. Use the following model to forecast quarterly sales ($Million) for a company (where time is rescaled to begin at zero and Q2, Q3, and Q4 are dummy variables for the indicated...

Answered: 1 week ago

Question

★★★★★

Lorien Technologies, Inc., purchased the following securities during 2011: The following transactions occurred during 2012: a. On January 1, 2012, Lorien purchased Security E for $12,000. Security E...

Answered: 1 week ago

Question

★★★★★

JAVA: Tic Tac Toe Question I am to create a method checkWincondition to check to see if the game wins horizontally, vertically, and diagonallly. However, when I try to run my code it give me an error...

Answered: 1 week ago

Question

★★★★★

Utilising the IRAC structure (issues: rules: application: conclusion). The task is a common law assignment, so you are not required to discuss any legislation at all. It is essential that you cite...

Answered: 1 week ago

Question

★★★★★

Blue Lagoon Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31 , 2024, the company reports the following amounts: In addition, the company...

Answered: 1 week ago

Question

★★★★★

Jamie Lee Jackson, age 25, a busy full-time student and part-time bakery clerk, has been trying to organize her priorities, including her budget. She has been wondering if she is allocating enough of...

Answered: 1 week ago

Question

★★★★★

Customer Service E-mail You recently paid $250 to Keller & Jenkins for adding a provision in your will to establish a scholarship endowment at your alma mater. While eating lunch in a crowded...

Answered: 1 week ago

Question

★★★★★

1. When a member with a minority interest in an LLC acquires enough ownership interests in the LLC to hold a majority interest: a. a change of ownership occurs b. reassessment of the entire parcel of...

Answered: 1 week ago

Question

★★★★★

13) On December 31, 2023, Vivid Corporation prepared adjusting entries that included the following items: Depreciation expense: $43,400. Accrued sales revenue: $40,600. Accrued expenses: $16,800....

Answered: 1 week ago

Question

★★★★★

Calculate the least squares line. Put the equation in the form of: y=a+bx Enter the value for a , rounded to one decimal place. Calculate the least squares line. Put the equation in the form of: y =...

Answered: 1 week ago

Question

★★★★★

"If an investment does not fit witii an organization's strategic plan, it is probably not a good idea, even if the net present value is positive." Under what conditions would this be a true...

Answered: 1 week ago

Question

★★★★★

Make-or-buy Liquid Chemical Co.2 The Liquid Chemical Company manufactures and sells a range of high-grade products. Many of these products require careful packing. The company has a special patented...

Answered: 1 week ago

Question

★★★★★

Sometimes capital investments with a positive net present value have a negative impact on earnings. For example, investing in certain types of research and development may result in a large expense...

Answered: 1 week ago

Previous Question Next Question